Over two acres of blank space in a hotspot for Salt Lake City residential units is now on the market.
Northmarq, a nationwide, full-service commercial real estate firm, recently listed a 2.5-acre parcel of land in the heart of the Hardware District in Fairpark — located at 510 W. 300 North, according to the firm’s website.
Property records show the site — which abuts commercial rail lines and those used by the Utah Transit Authority — is currently owned by the Missouri Pacific Railroad Company. The land is currently zoned as Urban Center Transit Station (TSA-UC-T) and allows for high density with minimal parking requirements.
Under the mixed-use zoning overhaul approved earlier this week, the property will be rezoned to MU-6, which allows for buildings up to 65 feet. The MU-6 zone allows for mid-rise multifamily developments, as well as townhomes, row houses and duplexes.
It’s located just feet from the 300 West pedestrian bridge and roughly a block from both the North Temple FrontRunner station and the North Temple Bridge/Guadalupe TRAX Green Line stop — which is one of the few places along the Wasatch Front where TRAX and FrontRunner stations overlap.
Not only is the land situated near transit lines, it’s also a fairly walkable and highly bikeable area that’s flanked by a number of new apartment complexes and just minutes from Downtown.
Just to the north, the lot is up against the Project Open apartments, and the Citizens West apartments are across the street to the south. Another complex — Modera Marmalade — is currently under construction to the northeast.
Several new housing developments are just to the east and across the train tracks, including the Camber complex that features a mix of apartments and townhomes. South of Camber are the 4th West Apartments, Salt Lake Crossing and Hardware Apartments — all of which have been built in recent years.
In addition to those projects, developers have also proposed a 350-unit complex along 200 North called District North. The project won the approval of the Salt Lake City Planning Commission in March.
Northmarq doesn’t list a price for the property online, though its price tag could approach eight figures. The railroad company ideally would like to sell it for $10 million, but a motivated buyer who wants to quickly move forward with development could nab the site for around $8.5 million, according to an email from Patrick Risk, an associate in Northmarq’s Salt Lake City office that leads land efforts for the company in Utah, Idaho, Montana and Wyoming.
Considering the plot’s accessibility to transit, its current zoning and its proximity to Downtown, the 2.5 acre site is likely to generate interest from developers looking to build an assemblage in the area.
“This site represents a rare opportunity to develop and construct a forward-thinking, purpose-built, world-class product in one of the fastest-growing markets in the country,” the Northmarq online listing says. “With a young overall median age, high rate of college graduates, and the highest population growth rate in the nation, Salt Lake City is the epicenter of Utah’s economic growth and is poised to continue breaking records as it prepares to welcome the world again for the 2034 Winter Olympics.”
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